Peter L. Brandt forecasts Ethereum could drop to $800, highlighting a descending triangle pattern in his analysis. Despite a significant year-long decline, Ethereum’s current valuation is approximately $1,601. In contrast, Scottie Pippen and Justin Sun express bullish sentiments towards Ethereum, anticipating a new altcoin season and commitment to collaboration.
Esteemed trader Peter L. Brandt, with decades of experience since the 1970s, has sparked significant discussion by predicting Ethereum (ETH) may plummet to $800, matching its low from 2022. This alarming forecast is backed by a chart he shared, illustrating a descending triangle pattern indicative of potential continued price drops.
Ethereum has already experienced a substantial 46% decline over the past year. Following a drop of 4% on Wednesday, prompted by the Federal Reserve’s decision to maintain current interest rates, ETH has made a slight recovery of 3.56%, currently trading at approximately $1,601. When Brandt released his prediction, ETH was valued at around $1,587.
Earlier statements from Brandt labelled Ethereum as “worthless junk,” contrasting sharply with the optimism from notable figures like NBA star Scottie Pippen, who predicts a significant altcoin season will begin soon. Based on historical patterns, Pippen notes that such a bull run often commences approximately 340 days after a Bitcoin halving, the latest of which took place in April 2022.
Pippen’s support for ETH is underscored by his involvement in developing a project on the Ethereum network, which focuses on areas such as artificial intelligence, gaming, and real-world asset tokenization. Additionally, Justin Sun, founder of Tron and owner of cryptocurrency exchanges Poloniex and Huobi, has expressed dedication to Ethereum, announcing plans to retain their holdings and seek collaborative opportunities with Ethereum developers despite recent market setbacks.
